[Congressional Record Volume 168, Number 41 (Tuesday, March 8, 2022)]
[House]
[Page H1345]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1215
                  OIL COMPANIES SHOULD NOT PRICE GOUGE

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Mr. Speaker, the President just announced that he will 
ban the importation of Russian oil. It is a tiny fraction of the oil we 
consume, so it shouldn't mean a big run-up in price. In fact, prices 
have already run up 30 percent since the invasion of Ukraine, they have 
already priced it in, and they are already profiting from it.
  We need to become energy independent, as the President pointed out. 
We have to break our addiction to Big Oil. We need to be self-
sufficient on renewables, but we don't need to price gouge the American 
people on the way there.
  Last year, the oil companies reported record profits, bought back $7 
billion worth of stock, and had record dividends. This year, they say 
there is a $22 billion stock buyback, bigger dividends, bigger profits. 
They should not be price gouging during a crisis.
  I am introducing legislation for a price gouging profits tax with 
rebates to consumers.
  Colleagues, join me in this effort. Don't let Big Oil gouge the 
American consumers under the guise of an international crisis.

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